Trump Teases ‘Big' India Trade Deal as Negotiators Harden Stance
(Bloomberg) -- US President Donald Trump said a 'very big' trade deal could be signed soon that would open up the Indian market to American business, as negotiators meet in Washington to break a recent deadlock over key issues.
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'We are having some great deals. We have one coming up, maybe, with India, a very big one, where we are going to open up India,' Trump said at an event on Thursday at the White House.
Trump's comments offer a note of optimism for a potential interim trade deal, even as key differences persist between the two sides. His reciprocal tariffs on goods from US's trading partners are set to take effect on July 9, and an early deal would help New Delhi avert the hike.
Talks have been strained by Washington's demand that India open its market to genetically modified crops — an ask New Delhi has rejected, citing risks to its farmers. India is also unwilling to sign a deal that doesn't address both sectoral access and reciprocal tariffs on its exports, Bloomberg has reported.
A team of Indian trade officials, led by chief negotiator Rajesh Agarwal, is slated to hold meetings with officials in Washington over two days this week to resolve differences and find a common ground, people familiar with the matter said, asking not to be identified as the discussions are private.
India was among the first nations to initiate trade talks with the US this year, with Prime Minister Narendra Modi making sweeping concessions to appease the White House.
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The Office of the US Trade Representative and an Indian trade ministry spokesperson didn't respond to requests for comment on the latest round of negotiations.
--With assistance from Catherine Lucey, Prateek Mazumdar and Ramsey Al-Rikabi.
(Updates with Trump comments)
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